Epstein Secrets

Mang Rates Strategist John Shin FX Strategist MLPF&S Europe Raif Preusser, CFA Rates Strategist MLI Ruben Segura-Cayuela Europe Economist Mark Capleton Rates Strategist MLI Athanaslos Vamvakklls FX Strategist Sphia Salim Rates Strategist MLI KIK) Kamal Sharma FX Strategist MLI MLI Myria Ky

ts may explain why Draghi gave up on the currency this week. But something has been lost in the process and the Euro could now appreciate freely if Eurozone data keeps improving. BoJ only dovish major central bank The BoJ left its policy unchanged this week and Governor Kuroda justified the current po

/AUD lan Gordon Long RUB/ZAR David Hauner 2s-5s-10s fly Shyam S.Rajan Fixed Income Short US 10y real rates Shyam S.Rajan Paying 5y GBP real rate swap Mark Capleton Buy 30y US |G Industrial spreads Hans Mikkelsen Credit Buy basket of Euro AT1s Barnaby Martin Long Xover short Main loannis Angelakis Source: BofA M

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul

ad | 16 November 2016 HOUSE_OVERSIGHT_014735 --- PAGE BREAK --- target. It is possible that Trump’s election could weaken fiscal discipline in the Eurozone over the medium term, but we are more concerned by the non-trivial risk that the ECB may disappoint in the December meeting by either not extending q

al Rates, FX & EM 2017 Year Ahead | 16 November 2016 Bankof America Merrill Lynch HOUSE_OVERSIGHT_014742 --- PAGE BREAK --- Best Inflation Trades Mark Capleton David Beker MLI (UK) Merrill Lynch (Brazil) [email protected] [email protected] Sebastien Cross Athanasios Vamvakidis MLI (UK) MLI (UK) seb